Strong sellers’ market continues in residential real estate
Residential real estate in the second quarter of 2022 continued to be a strong seller’s market according to the latest report from the Greensboro Regional Realtors Association.
The report says Greensboro and Guilford County saw some inventory build-up in the second quarter of 2022 (April through June), but homes continued to sell above list price and sales prices rose. continued to increase.
In Guilford County, it took an average of 12 days to sell a home and 11 days in Greensboro. In Guilford County, this represents a decrease of 20% from the second quarter of 2021 and in Greensboro, a decrease of 15%.
Home inventory increased slightly compared to the same period last year. In the second quarter of 2021, there was only a 0.8 month supply of inventory in Greensboro and Guilford County and that grew to 1.1 months supply in 2022. A supply of 1 .1 month means that if no new homes came on the market, all of the ones on the market would be sold in just over a month. In other words, despite some increase in inventory, it is still a very tight market.
In Guilford County, homes sold for 103.7% of list price and in Greensboro it was 104.1%, an increase of about 2% from the first quarter of 2021.
The average home sale price rose 18% in Greensboro, from $295,000 in 2021 to $348,000 during the same period this year.
Townhouses and condos in Guilford County saw similar trends. In Guilford County, it took an average of 13 days to sell a townhouse or condo. And in Greensboro, the market for townhouses and condominiums is very hot, with only seven days on average to sell – that’s down nearly 60% from 17 days in the second quarter of 2021.
There has also been an increase of approximately 15% in the sale price of townhouses and condos in Greensboro, from $199,400 in 2021 to $229,900 during the same period in 2022.